Accounts


Share Savings Account

The key to your membership benefits. Your share account unlocks the door to our great products and service.

  • Dividends paid monthly

  • Federally insured by the National Credit Union Administration (NCUA)


Sub Share Savings Account

Setting money aside for taxes, a special project, or a rainy day? Open as many as you need to keep your finances organized and earn while you save!


Checking

  • No minimum balance

  • No per check charge

  • VISA® check (debit) card for convenient account access

  • Overdraft privileges available

  • Monthly account statement

  • Free use of all VCCU and CO-OP automatic teller machines (ATM)

  • Non-VCCU automated teller machine (ATM) fees do apply

  • Free touch tone phone access to your account “Audio Teller”

  • Free home banking access

  • All rates subject to change without notice


Money Market Account

Earn interest on your money with the flexibility of account access when you need it.

  • Minimum balance requirement of $2,000.00

  • Tiered dividend rates that allow you to earn more as your account grows

  • Dividends paid monthly


Term Share Certificate

Recommended when you want a higher guaranteed rate of return.

  • Terms ranging from 3 – 60 months

  • Tiered dividend rates that allow you to earn more

  • Dividends paid monthly


Individual Retirement Account (IRA) Certificates

Prepare for your future. Choose from:

  • Traditional

  • Roth

  • Educational

Traditional IRA

  • WHO CAN CONTRIBUTE?

    • Anyone under the age 70 ½ who has income from compensation (or who is filing jointly with a spouse who earns compensation)
    • Anyone who has received a distribution from a qualified retirement plan and decides to move the proceeds of the plan into an IRA
  • HOW MUCH CAN I CONTRIBUTE?

    • You may be able to contribute up to $5,500.00
    • For owners age 50 and older, you may be able to contribute up to $6,500.00
  • WHO CAN MAKE DEDUCTIBLE CONTRIBUTIONS?

    Fully deductible contributions:
    • Single individuals not active in employer retirement plans
    • Single individuals active in employer retirement plans with MAGI of less than $70,000.00
    • Married couples with neither spouse active in an employer retirement plan (see IRS publication 590)
    • Married individuals active in employer retirement plans with joint tax returns showing MAGI falling within defined limits
    • Married individuals not active in employer retirement plans with spouses who are, as long as MAGI is $191,000.00 or less
  • WHAT ARE THE TAX ADVANTAGES?

    • Earnings grow tax-deferred until withdrawn
    • Contributions may be tax-deductible
  • WHEN CAN I WITHDRAW WITHOUT RESTRICTIONS?

    Withdraw IRS penalty-free for any of the following reasons:
    • Qualified higher-education expenses
    • First-time home purchase
    • Age 59 ½
    • Disability
    • Qualifying medical expenses exceeding 7.50% of adjusted gross income
    • Payment to beneficiaries upon the owner’s death
    • Payment of health insurance premiums while unemployed for 12 weeks or longer

    MAGI – Modified Adjusted Gross Income

Roth IRA

  • WHO CAN CONTRIBUTE?

    Anyone who has income from compensation (or who is filing jointly with a spouse who earns compensation) with the following MAGI:
    • Up to $114,000.00 for single filers
    • Up to $181,000.00 for joint filers

    Reduced contributions allowed for higher incomes:
    • Up to $129,000.00 for single filers
    • Up to $191,000.00 for joint filers
  • HOW MUCH CAN I CONTRIBUTE?

    • You may be able to contribute up to $5,500.00
    • For owners age 50 and older, you may be able to contribute up to $6,500.00
  • WHO CAN MAKE DEDUCTIBLE CONTRIBUTIONS?

    No one can deduct contributions.
  • WHAT ARE THE TAX ADVANTAGES?

    • Earnings are tax-deferred and withdrawals are tax-free if the account is open for five tax years and withdrawals are for a qualified reason (age 59 ½ , disability, death, or first-time home purchase)
    • Not required to start withdrawals at age 70 ½
  • WHEN CAN I WITHDRAW WITHOUT RESTRICTIONS?

    • Regular contributions can be withdrawn tax-free and penalty-free at any time
    • After the account has been open five years, earnings can be withdrawn tax-free and penalty-free for any of these reasons: age 59 ½, disability, death, or first-time home purchase**

    MAGI – Modified Adjusted Gross Income
    **Lifetime limit for exemption on first-time home purchase is $10,000.00

Educational IRA (Coverdell Education Savings Account – ESA)

  • WHO CAN CONTRIBUTE?

    ANYONE WHO HAS MAGI:
    • Up to $95,000.00 for single filers
    • Up to $190,000.00 for joint filers
    • Some people with higher MAGI may be able to make smaller contributions
    • Contributions not allowed after the beneficiary reaches 18 (except for special needs beneficiaries) businesses may also contribute and are not subject to the MAGI limits
  • HOW MUCH CAN I CONTRIBUTE?

    • $2,000.00 per child per year
    • Limit applies to all Coverdell Education Savings Accounts (ESA) for the same child
  • WHO CAN MAKE DEDUCTIBLE CONTRIBUTIONS?

    No one can deduct contributions.
  • WHAT ARE THE TAX ADVANTAGES?

    • Withdrawals for certain qualified education expenses are tax-free
    • Qualified education expenses include tuition, fees, books, computer equipment, and technology required for elementary, secondary, and post-secondary education
    • A beneficiary may receive tax-free distributions from a Coverdell ESA in the same year he or she claims the Lifetime learning or HOPE Scholarship tax credits
  • WHEN CAN I WITHDRAW WITHOUT RESTRICTIONS?

    • Withdrawals are tax-free and penalty-free only for qualified education expenses (earnings are subject to tax and penalty for most other withdrawals)
    • Funds can be transferred from one child’s account to an account for another child in the family
    MAGI – Modified Adjusted Gross Income

S.E.P. IRA (Simplified Employee Plan / Pension)

  • WHO CAN CONTRIBUTE?

    • An employer, or self-employed person SEP contributions applied to Traditional IRA
  • HOW MUCH CAN I CONTRIBUTE?

    • Up to 25% of compensation; not to exceed $52,000.00
  • WHO CAN MAKE DEDUCTIBLE CONTRIBUTIONS?

    Employer or self-employed person.
  • WHAT ARE THE TAX ADVANTAGES?

    • Earnings grow tax deferred until withdrawn
    • Contributions may be tax-deductible
  • WHEN CAN I WITHDRAW WITHOUT RESTRICTIONS?

    Withdraw IRS penalty-free for any of the following reasons:
    • Qualified higher-education expenses
    • First-time home purchase
    • Age 59 ½
    • Disability
    • Qualified medical expenses exceeding 7.50% of adjusted gross income
    • Payment to beneficiaries upon the owner’s death
    • Payment of health insurance premiums while unemployed for 12 weeks or longer

Health Savings Account (HSA)

Do you have a high deductible medical insurance plan? With a HSA you can save for medical expenses and potential tax benefits. (see your tax professional to determine how it may benefit you.)


Holiday Club Account

Save for Christmas or any special occasion.

  • Funds are available on October 15

  • Earn while you save for scheduled holiday expenses